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Innovationen und Transatlantische Bankenkrise: Eine ordnungspolitische Analyse

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  • Paul J.J. Welfens

    ()
    (Europäisches Institut für Internationale Wirtschaftsbeziehungen (EIIW))

Abstract

The US banking crisis and the transatlantic banking crisis, respectively, have caused a global recession and thus raised the debt-GDP ratio in many OECD countries and worldwide. In the analysis presented at first some critical points about financial market innovations and inconsistencies in the institutional framework of the economies are raised. Moreover, the main drivers of the banking crisis have been identified and at the same time a short list of key pro-posals for reforms are presented; a major element for national policymakers here is the introduction of a new tax system which taxes the variance of the rate of return on equity capital - this is an institutional innovation which would criti-cally affect the incentives in the banking sector. The main impact is not necessar-ily to raise the overall tax burden for the banking sector but rather to give incen-tives for sustainable banking: Bankers should face incentives to take a more long term view and to thereby contribute to systemic stability in the banking sector and in the overall economy. Governments which consider responsible economic policy reforms as a key priority on the way to more stability and also as a means for limiting the debt-GDP ratio will pick up the proposed innovation in tax pol-icy. Some of the relevant potential key features based on German data are sketched in the analysis presented. The analysis presented here shows the relevance of institutional developments for the banking crisis and also highlights the need to adequately adjust the institutional framework in OECD countries.

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Bibliographic Info

Paper provided by Universitätsbibliothek Wuppertal, University Library in its series EIIW Discussion paper with number disbei171.

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Length: 41 Pages
Date of creation: Aug 2009
Date of revision:
Handle: RePEc:bwu:eiiwdp:disbei171

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Web page: http://elpub.bib.uni-wuppertal.de

Related research

Keywords: Institutionelle Inovationen; Innovationen in Steuerpolitik; Bankenkrise; nachhaltige Enwicklung;

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  1. Kenneth A. Froot & Jeremy C. Stein, 1992. "Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach," NBER Working Papers 2914, National Bureau of Economic Research, Inc.
  2. Demirden, Tuvana & Pastine, Ivan, 1995. "Flexible exchange rates and the J-curve: An alternative approach," Economics Letters, Elsevier, vol. 48(3-4), pages 373-377, June.
  3. Kenneth Rogoff & William Brainard & George Perry, . "Global Current Account Imbalances and Exchange Rate Adjustments," Working Paper 33687, Harvard University OpenScholar.
  4. Bussière, Matthieu & Peltonen, Tuomas, 2008. "Exchange rate pass-through in the global economy – the role of emerging market economies," BOFIT Discussion Papers 25/2008, Bank of Finland, Institute for Economies in Transition.
  5. Dornbusch, Rudiger, 1987. "Exchange Rates and Prices," American Economic Review, American Economic Association, vol. 77(1), pages 93-106, March.
  6. Richard C. Marston, 1990. "Price Behavior in Japanese and U.S. Manufacturing," NBER Working Papers 3364, National Bureau of Economic Research, Inc.
  7. Ronald McKinnon, 2005. "Exchange rate or wage changes in international adjustment?," International Economics and Economic Policy, Springer, vol. 2(2), pages 261-274, November.
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